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11 September 2020, 03:41 AM | #31 |
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Hodinkee wants to be Amazon.
I'm guessing the MBAs are constantly harping on them to expand, monetize, think outside the watch box. They'll be offering whole life, term life and auto and lawn tractor insurance before long.
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11 September 2020, 03:44 AM | #32 |
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Hodinkee is an amazing media business. I think their founder is brilliant.
Anyone getting mad at them for monetizing...this is how you pay the bills as a modern media company. Everyone running ad blockers = your PPM is shit. |
11 September 2020, 03:49 AM | #33 |
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Big island
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11 September 2020, 03:55 AM | #34 |
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This is good to know, options are never a bad thing. When coverage is in Canada (and potentially less than jewelers mutual) I would truly consider.
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11 September 2020, 04:35 AM | #35 |
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Platinum Daytona valued at $50k:
suburban IL rate: $800 Naples FL rate: $1,000 with homeowners policy now: ~$500
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11 September 2020, 05:33 AM | #36 |
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I just spoke to them on the phone. I’m with statefarm now and it’s a nightmare to get a SS Rolex insured for its value. I paid $13500 plus tax in 2016 for my 116500 white and they will only pay the receipt value. I could not find anyone to appraise it for $28000 which is about the market value is now. If it gets stolen I’d like to be able to contact a trusted seller and get a new one in a few days. With State Farm I’d have to come up with another 14k to replace it. I’m paying about 1% of the value per year with them. I can fully insure it with HODINKEE at 28k for $426 which is about 1.5 percent. For me the extra .5 percent is worth the less hassle and piece of mind. Also I can adjust the value at anytime he said and just pay the premium difference. Only downside I see is I can’t split the 426 into 2 payments. Has to be $800 or more.
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11 September 2020, 06:54 AM | #37 |
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11 September 2020, 06:56 AM | #38 |
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I believe they said there is no deductible, are the policies that you comparing it to have a deductible or not?
Most do. |
11 September 2020, 07:09 AM | #39 |
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I have a State Farm articles policy. They will cover the watch if someone rips it off of your wrist. Most places wont cover that.
State Farm pays out whatever the watch is appraised at. They will not accept any receipts over $5K, only appraisals. Your appraiser can appraise a watch for the current market value. I have some watches insured that way and State Farm had no issue accepting the higher than MSRP appraisal.
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11 September 2020, 07:11 AM | #40 |
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11 September 2020, 07:20 AM | #41 |
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11 September 2020, 07:31 AM | #42 |
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Heard about this - need to compare against what I'm paying JewelersMutual at the moment. How many folks are contemplating switching over?
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11 September 2020, 08:02 AM | #43 |
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^^^ This. Think if it like an Amazon Associate account. Smart move as it is pure commission. Zero risk, all reward. This is a 'targeted' market based insurance contract, so they already have the product value and risk calculated for location and street price.... Pretty slick, probably ~5% commission to Hodinkee, 15% would be sweet!
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__________________ “Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming 'Wow! What a Ride!'” -- Hunter S. Thompson Sent from my Etch A Sketch using String Theory. |
11 September 2020, 10:08 AM | #44 |
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Hmmm --- all my watches right now insured through Jewelers Mutual I'm paying about 1.7% of the insured value (two of which have a $500 deductible due to the value)... Hodinkee online quote came in at 1.2% which is pretty good with $0 deductible.
I like the idea of not having to maintain value / appraisals and the hassle-free aspect that they're selling. In addition, the fact that they will straight up cut a check is also a plus.. |
11 September 2020, 12:18 PM | #45 |
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11 September 2020, 12:34 PM | #46 |
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Cheaper than these rates?
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11 September 2020, 01:56 PM | #47 | |
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Quote:
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11 September 2020, 02:19 PM | #48 | |
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Quote:
Who are you insured with ? That’s a great rate. Sent from my iPhone using Tapatalk |
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11 September 2020, 05:00 PM | #49 |
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They do indeed.
I have had a couple of claims with Chubb... I lost a gold Breguet over the side of my boat - I fell out at speed. Chubb paid the full value immediately, no questions. My pool house burned down - quite complicated with an oil tank to be replaced, pool equipment all replaced, site to be cleared etc. All sorted by Chubb in record time, I chose my own contractors.... very impressed. Here in the UK, Chubb are a little more expensive than most insurance companies, but they are leagues ahead in terms of customer service when you do have a claim. They don't try to wriggle out of payments which is a major benefit when you're stressed about a loss. |
11 September 2020, 05:10 PM | #50 |
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11 September 2020, 11:08 PM | #51 |
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Hodinkee Watch Insurance
Anybody check out the watch insurance now offered by Hodinkee? I was curious so I went through the process and received a quote for my CHNR. It came out 10 1.3%, which is competitive but what I liked about it compared to my current insurance is they insured it for street value - $0 deductible and no appraisal required - while my current insurance is $1,000 deductible and insured for MSRP. Looks like a good option.
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11 September 2020, 11:09 PM | #52 |
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I think this is a brilliant move by hodinkee.
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11 September 2020, 11:14 PM | #53 |
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I am curious to check it out. There does need to be a simpler, better way to insure watches. Maybe this is the answer.
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11 September 2020, 11:15 PM | #54 |
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I'm game for a change from Jeweler's Mutual!!!
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11 September 2020, 11:16 PM | #55 |
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I found JM's pricing to be better when I compared.
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11 September 2020, 11:18 PM | #56 |
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I am interested and will try to use it today. I look forward to hearing from someone on the claims experience once they suffer a loss. Getting on the insurance is only half of the challenge.
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11 September 2020, 11:33 PM | #57 |
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11 September 2020, 11:34 PM | #58 |
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Great point about claims 1William - you evaluate an insurance company not on premium, but on claims.
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11 September 2020, 11:35 PM | #59 |
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Interesting Chubb is underwriting since the Chubb policy itself is very good.
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11 September 2020, 11:58 PM | #60 |
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That’s for the heads up. I am checking that today.
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